Meanwhile, better systems with more area or an additional bath sit for weeks unsold.Am I missing something? I understand this area is desirable, however $1.5 M for a 1-bath condominium without any garage seems like 2021 energy. I require to vent!Genuinely asking ... are individuals still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I reside in SF, discover it a gorgeous city however I'm not especially attached to it, so I rent.The location where that residential or commercial property lies is actually good, I live close by. I believe the residential or commercial property deserves that amount, given that somebody spent for it in a competitive market, that terrace with views of Sutro tower is incredible. It's also a bargain compared to its previous 2019 sale rate ($ 1.4 M), so it's likely it was intentionally priced listed below market, the owner never ever suggested to sell it at the asking price.The city simply has so, numerous wealthy people, it's difficult to understand. I, a total no one, understand a lot of people in their 20s with $10M+ net worth. I'm in my 30s with a $6M liquid net worth and I'm the least effective in my peer group. It's not unreasonable to drop that much in a gorgeous city with such a scarce stock. I don't think that residential or commercial property worth will considerably drop any time soon, if ever.You are entitled to your own opinions and venting, however it might be more efficient to just vote with your feet and leave, if this is too aggravating to deal with.
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tossandthrow 2 hours ago|moms and dad|next -

The housing market in SF is definitely a sign of focused wealth.That said - fairly few individuals are needed to price the market. This holds true for housing, stocks (where ETF-holder do not carry out rates), etc.You are also likely not a no one, not even in SF terms, with $6M liquid (assuming that there are a fair bit of investments on top of that). This would either need some effective speculative financial investments, top-level position in an effective company, inheritance, or effective exits. just inheritance with a long prudent family tree would yield a rich nobody.
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megamike 12 hours ago|prev|next -

I recall as a traveler going to some 25 yrs back and was stunned by how much a breakfast was at IHOP this was in the Golden Park area and than was more surprised when down the street at a real estate agents office with the for sale listings on the window and there was a listing for a 'unit' for 350,000 and checking out even more it was a garage made into some sort of condominium Has SF always been crazy overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been wacky overpriced?It's not just SF, it's California. Even going back 40 years, practically any location between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has actually been substantially more costly than national average. 0 unless it has an ocean view
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Compzilla 11 hours ago|parent|prev|next -

It has actually always been a bit wackadoodle, but I keep in mind 22-23 years ago, prices were high, however within earth's environment.
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leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is enhanced by the increased expense of living in that area.I'm not ready to transfer to Texas, however it is fantastic how easily you can conserve a big amount of money simply by opening up to other locations that would make you happy.Housing rates don't decrease unless dreadful thing happen; even then, often they go up.I didn't list the address of the person that outbid me on my last home purchase, though. Maybe you ought to think about not posting the addresses unless you have a great factor.
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Compzilla 7 hours ago|moms and dad|next -

Well, you are entitled to your opinion. That stated, I'm not attempting to shame specific buyers. It is more simply documenting sales that reflect a damaged or speculative market. I think that is a valid "reason."All the addresses I mention are public and currently on Zillow/Redfin, in addition to all the other information. I'm not listing out bidder names or license plates ... simply pointing out public sales. It's less about the buyer (who is not pointed out) and more about how far from basics prices has actually wandered.
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leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm thinking about starting a "Wall of Shame" recording these kinds of sales. Exhibit 1: this onePerhaps your phrasing wasn't well thought about if you're not attempting to shame buyers by noting addresses.
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proc0 12 hours ago|prev|next -

It's most likely investment driven. I lived in a couple buildings with really bad proprietor companies that generally didn't care about the conditions of the building. I had to call city authorities because there was a rat invasion. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply wrong with that city, and everybody is a type of in a trance attempting to look away since they're all in the same political team or something like that. People suffer willingly as a type of unusual self-sacrifice, so there is no responsibility for the leadership that makes bad decision after bad choice (although of course they are making great choices for individuals who have the status and cash).
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Compzilla 12 hours ago|parent|next -

It seems completely seems plausible that financial investment groups could be responsible for this ... the loading on of more suffering to the debilitating price crisis there. Do you think they would stop if somebody explained that they were definitely doing civic harm? That last bit was not to be taken seriously.
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proc0 8 hours ago|root|moms and dad|next -

There's absolutely corruption with the property owner business and the city government to some degree, I'm simply unsure exactly how and do not understand much about it, however it's clear the priorities of the city do not prefer the typical SF citizen. The only method to handle the corruption needs to be holding the leadership of the city responsible through mass change in ballot. Otherwise the same people keep running the place and it will never change.So yes, pointing it out and exposing them is most likely part of the solution but it would just be a small part. I believe individuals require to break out of their steady commitment in order to hold the system responsible for any modification to occur.
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vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a down payment even on 1M, not actually much compassion here for this "madness", because you could just transfer to a more affordable location and quit whatever task needs being in the SF area.
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Compzilla 11 hours ago|parent|next -

Yes, asset. Even a healthy correction will not bring back price. A good start would be for those with this type of wealth to stop overpaying even if they have some deep-seated desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG says you need to move out there for the startup culture but things like this is why I 'd rather be homeless on the East Coast.
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toomuchtodo 11 hours ago|prev -

The market can remain unreasonable longer than you can stay solvent. The value is the transaction price at in an arms length transaction.Go ask the buyers why they paid what they paid. Knock on doors, speak to real estate agents. All realty is local.
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Compzilla 10 hours ago|parent -

Yes! I would like to hear somebody discuss to me how they justified buying such a miscalculated piece of property. How they permitted themselves to participate in a bidding war for a condominium. I suggest this kind of property is the most susceptible to volatility, even in SF. If condos aren't risky enough, what about tenancies in common (yikes). SFHs are going to be a lot more stable of course.